Time Magazine has declared Apple's iPhone its invention of the year.

"Yes, there's been a lot of hype written about the iPhone, and a lot of guff too. So much so that it seems weird to add more, after Danny Fanboy and Bobby McBlogger have had their day. But when that day is over, Apple's iPhone is still the best thing invented this year. Why? Five reasons:" writes Time.

The five reasons include the device's aesthetic appeal, its multi-touch technology (which is a "new way of relating to computers"), that it increases competition at the high end of the mobile market, that it is in fact a genuine handheld mobile computer platform and that better and more advanced iPhones will appear in future.

"Look at how Apple has propagated its touchscreen interface to the iPod line with the iPod touch. Can it be long before we get an iMac touch? A TouchBook? Touching is the new seeing," the report says.